Cava Group shares are trading lower after Morgan Stanley downgraded the stock from Overweight to Equal-Weight, despite raising its price target from $90 to $110.
Portfolio Pulse from Benzinga Newsdesk
Cava Group shares declined following a downgrade by Morgan Stanley from Overweight to Equal-Weight, despite an increased price target from $90 to $110.
August 29, 2024 | 11:48 am
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Cava Group's stock was downgraded by Morgan Stanley from Overweight to Equal-Weight, leading to a decline in share price. The price target was raised from $90 to $110.
The downgrade from Overweight to Equal-Weight by a major financial institution like Morgan Stanley typically signals a less bullish outlook, which can lead to a decrease in investor confidence and a drop in stock price. The increase in price target to $110 suggests some positive long-term outlook, but the immediate impact of the downgrade is negative.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100